The Attorneys to Turn to for Bankruptcy Help in Arkansas
If you are drowning in debt and avoid opening your mail, or if you never answer a call from an unknown caller out of fear it will be a bill collector, bankruptcy may be a solution for you. Nolan Caddell Reynolds is here in Arkansas to give you wise counsel for your specific situation.
General Bankruptcy Law
Generally, there are two main types of bankruptcy applicable to individuals. Which one will work the best for you depends on your overall financial situation and the type of debt you have.
Bankruptcy law is complicated, but you don’t have to go through it alone. That’s why we are in business—to help the people of Arkansas through the difficult times so you can move on to the good things in life.
Chapter 7 Bankruptcy
This is sometimes referred to as the “fresh start” bankruptcy. In order to qualify, your income must be no more than the median income of others in the state. Debts that will be discharged include:
- Past due rent and utility bills
- Unsecured credit card debt
- Medical bills
- Delinquent taxes more than three years old
Debts you will still owe at the close of the proceedings include:
- Student loans
- Taxes incurred within the last three years
- Past due child support and alimony
- Any court-imposed fines or judgments
If you have a mortgage or a car loan and want to keep your house or vehicle, you will need to continue making those payments.
If you have enough income to continue making your payments but have gotten behind and need a chance to catch up, this chapter allows you to reorganize your financial life. You can pay your past-due debts over a three- to five-year period. If you comply with the terms of your repayment plan, remaining debts may be discharged.
Contact a Bankruptcy Attorney at Nolan Caddell Reynolds
Nolan Caddell Reynolds has been serving Arkansas clients for many years, and our bankruptcy attorneys are dedicated to helping Arkansans find solutions to their problems and gain a fresh start in life, free of overwhelming debt. We have offices across Arkansas and serve all those in the state including those in Jonesboro, Fort Smith, Fayetteville and Rogers. Contact us at one of our offices near you for a consultation.